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US ports to receive another US$580M tranche of Biden IRA funding
The US Department of Transportation’s (DoT) Maritime Administration (MARAD) has announced plans to invest nearly US$580M to fund 31 port improvement projects in 15 states and a US territory
Shortly after US President Biden’s administration announced US$3.00Bn in funding for 55 projects in 27 US states and territories through the EPA’s Clean Ports Program, the Biden administration has released another more than half-billion-dollar tranche of funding for port infrastructure improvements.
"With the investments we’re announcing today, made possible by the Bipartisan Infrastructure Law (US Inflation Reduction Act), we’re building on this good work and funding more projects that will expand capacity, improve efficiency and facilitate the quicker movement of goods at ports in more than a dozen states," US Secretary of Transportation Pete Buttigieg said.
The funding comes from MARAD’s Port Infrastructure Development Program, which received a total award of US$2.25Bn from the Biden administration to improve port infrastructure.
MARAD said the programme provides planning support, capital funding and project management assistance to improve the capacity and efficiency of ports in both urban and rural areas.
“Modernising America’s port infrastructure is essential to strengthening the multimodal network that supports our nation’s supply chain,” said Maritime Administrator Ann Phillips. “Approximately 2.30Bn tonnes of goods move through US waterways each year, and the benefits of developing port infrastructure extend far beyond the maritime sector. This funding enhances the flow and capacity of goods moved, bolstering supply chain resilience across all transportation modes, and addressing the environmental and health impacts on port communities.”
Through the Bipartisan Infrastructure Law, the Biden-Harris Administration has announced investments in 580+ port and waterway projects to strengthen supply chain reliability, speed up the movement of goods, reduce the cost of everyday items and lower carbon emissions.
In February 2021, President Biden ordered a multi-agency approach to tackle supply chain disruptions brought on by the Covid-19 pandemic, and later launched the Supply Chain Disruptions Task Force and the Council on Supply Chain Resilience to strengthen supply chains.
"The Administration’s steady efforts to improve supply chains in the short-, medium-, and long-term have lowered costs for consumers and lowered inflation across the economy. Supply chains accounted for more than 80% of the fall in inflation seen in 2023 and brought inflation down faster than peer economies around the world," MARAD said in a statement.
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